The economic impact of federal funding for basic research

The House Committee on Science and Technology pointed to a report released last week by the Science Coalition that attempts to draw a line between federal funding for basic research and economic prosperity

The report identifies 100 companies that are the result of federal investments in basic research, including Google, Genentech, A123 Systems, and Arbor Networks. The companies collectively employ well over 100,000 people and have annual revenues approaching $100 billion.

“Investments in basic research lead to innovation and job creation. This report illustrates again the important role federally-funded basic research plays in our national economic competitiveness,” said House Committee on Science and Technology Chairman Bart Gordon (D-TN). “This is a timely reminder, as the House prepares to consider the America COMPETES Reauthorization Act this week. COMPETES will keep our basic research programs on a path to doubling, spur innovation, and help ensure that all students have a strong grounding in math and science. We need these investments to help ensure that the next Google is created here in the U.S.”

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